The point of the wrap is to decrease the 'stall' - and also to keep the meat from drying out. It does work well, but it's just one method.
If you've got the time to wait out the stall, and are judicious about keeping the meat moist, there are other methods that work well that won't leave you with burnt ribs. But they have their own nuances. Which is why the 3-2-1, 2-2-1, 2-1-1, etc. methods with wrapping have become so popular. They're easy and relatively consistent.
Nothing worse than spending hours on the BBQ to end up with burnt up meat. I've been there more than I'd like to.